California Public Employees Retirement System Lowers Stake in Carriage Services Inc. (CSV)
California Public Employees Retirement System decreased its stake in Carriage Services Inc. (NYSE:CSV) by 2.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 180,100 shares of the company’s stock after selling 4,500 shares during the period. California Public Employees Retirement System owned 1.08% of Carriage Services worth $4,265,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Renaissance Technologies LLC increased its position in shares of Carriage Services by 9.4% in the first quarter. Renaissance Technologies LLC now owns 757,740 shares of the company’s stock valued at $16,375,000 after buying an additional 65,240 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Carriage Services during the second quarter valued at about $8,829,000. Stratos Wealth Partners LTD. increased its position in shares of Carriage Services by 3.8% in the first quarter. Stratos Wealth Partners LTD. now owns 148,966 shares of the company’s stock valued at $3,219,000 after buying an additional 5,425 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of Carriage Services during the second quarter valued at about $2,977,000. Finally, Essex Investment Management Co. LLC increased its position in shares of Carriage Services by 10.4% in the second quarter. Essex Investment Management Co. LLC now owns 110,880 shares of the company’s stock valued at $2,626,000 after buying an additional 10,476 shares during the last quarter. 77.51% of the stock is currently owned by institutional investors.
Shares of Carriage Services Inc. (NYSE:CSV) traded down 0.22% during mid-day trading on Tuesday, hitting $23.07. 35,429 shares of the stock traded hands. The stock has a market cap of $383.93 million, a P/E ratio of 20.62 and a beta of 0.76. Carriage Services Inc. has a 12-month low of $19.03 and a 12-month high of $25.96. The firm’s 50 day moving average price is $23.50 and its 200-day moving average price is $22.98.
Carriage Services (NYSE:CSV) last announced its earnings results on Tuesday, July 26th. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.39 by $0.02. The firm earned $61.87 million during the quarter, compared to analysts’ expectations of $61.34 million. Carriage Services had a net margin of 8.01% and a return on equity of 16.56%. Carriage Services’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.34 earnings per share. Analysts predict that Carriage Services Inc. will post $1.70 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Tuesday, August 16th were paid a $0.05 dividend. The ex-dividend date was Friday, August 12th. This is an increase from Carriage Services’s previous quarterly dividend of $0.03. This represents a $0.20 annualized dividend and a dividend yield of 0.87%. Carriage Services’s dividend payout ratio is 17.86%.
Separately, Zacks Investment Research downgraded shares of Carriage Services from a “hold” rating to a “sell” rating in a research report on Friday, July 29th.
About Carriage Services
Carriage Services, Inc is a provider of death care services and merchandise in the United States. The Company operates in two business segments: Funeral Home Operations and Cemetery Operations. The Funeral Homes segment provides funeral services (traditional burial and cremation) and sells related merchandise, such as caskets and urns.
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